SIX Network: Strategy & Vision 2018
Our commitment to leap forward — What you can expect in Q3 and Q4/2018
Dear all SIXtizen,
Once again, we would like to show some gratitude to our community who has been supporting us through up and down times. As we mentioned in our whitepaper, SIX Network aims to reinvent the digital economy through our major infrastructure especially the SIX Digital Asset Wallet. We would like to show our commitment to ship it out fast, get real feedback, and leap forward ahead of the game. In this post, you will see our 2018’s strategy and vision. (This does not include the exchange listing and all other news yet..to come soon. Please stay tuned!) ;) Let’s begin!
The Product Road-map
What you can expect in the upcoming quarters:
Here are some features we have listed in our whitepaper (EN), (KR), (CH).
Multi-Sig & Multi-Chain Wallet (containing various types of digital assets on different blockchain infrastructure) with built-in token loyalty & reward points
This year, we would like to start laying out one of the most important layers for the Crypto world — the user-friendly crypto-wallet that supports major cryptocurrencies and that will be able to provide financial services for the creative economy.
By the end of Q3/2018, we are planning to launch the basic form of SIX Digital Asset Wallet, which will fully support SIX and Stellar (XLM) tokens in both web and mobile platforms! You can think this as another choice for web/mobile crypto-wallets, starting with our SIX tokens first before adding more crypto assets in the near future.
Why do we want to ship it out fast? —
1. The blockchain big boss is the speed and transaction fees
As we explore on various blockchain networks, in terms of ‘speed’, ‘network fees’, and ‘production ready’, Stellar is our favourite choice at the moment. (This is why SIX tokens is based on Stellar!).
On the Stellar network, we could enjoy the benefit of 3–5 secs/transaction with a fee less than $0.000005 USD/tx. Sending and receiving crypto payments, users do not have to wait for minutes anymore! We want users to get a sense that if they want to buy a chapter of cartoon just for $0.1 (around 1 SIX at the moment), they could do it with almost zero fees. After that they could download the cartoon instantly without having to receive any confirmations. Users do not have to wait for the side chains like lightning network of Bitcoin, Plasma/Casper of Ethereum, and so on (i.e. they are targeting to complete in Q4 this year.) However, we would like to leap ahead of the game by showing this feature to the world.
2. SIX Wallet — Alpha features (Q3/2018)
SIX’s basic crypto wallet features include, but not limit to, (1) sending and receiving SIX and XLM (2) viewing transaction history and (3) wallet recovery. And…this is not all! We are also working on few important features that we think the industry will be very excited to hear as follows:
- USERNAME instead of one long random address
Rechecking the crypto address (like 0x…) and scanning QR codes become ones of the troubles that impede the adoption of the crypto to real world utilisation at the moment. You have to do a lot of back and forth processes starting from asking the public address from your friend, paste it, recheck it, ask your friend to triple-check it ^ ^’’ just to send one transaction! With only username, we could send money to ‘@bob, ‘@Alice, ‘@Prayuth, and everyone else who is your trusted friends! (No more copy and past process). In Q4/2018, more social features such as ‘Account Linking’ (Connected with Facebook, Google, etc.) and chat will be rolled out binding with your ‘@username’ on the SIX Network.
2. Forgot password, Lost your seed? We will have an option for you
We wonder how many people have already lost their private keys, seeds and passwords and have done writing errors and have not be able to recover their wallets. In order to tackle with this problem, we understand that there is a trade off between Convenience vs Security. Our vision of SIX is to be a single place for everyone to keep all your digital assets inside. Thus, losing private keys and all your life savings should not happen. However, helping users restoring their private key normally makes it become like another centralised node and could result in a single point of attack for hackers to steal users’s keys from the server. But we are able to solve this out and the platform will still be decentralised! How to solve this? Here are our initial design concepts to solve this problem.
Designing a SIX multisig (MultiSIX) wallet
This might be a bit complex to explain. But please follow us step by step.
- Multisig wallet is a wallet that requires another user to sign a transaction before broadcasting to the blockchain;
- By designing a multisig wallet, SIX Network could help users keep their private keys (in an encrypted form, we could not decrypt the keys as well) onto the distributed + permission network.
- User and SIX will have same weight of key to sign: In our preliminary design, we will have 4 keys. 2 from the user (private key, password) + 2 keeps with us (in distributed and automated deployment environment). There will be 3/4 weight of keys to sign any transactions on the network.
- All the keys kept on our side shall be hash, encrypted. Only way to decrypt is a user request and shall be made on the client’s side.
- Most importantly, even if our distributed system got hacked. The hacker will get just encrypted version of 2/4 keys which could not process any transaction as well.
- There will be extra security like 2FA, OTP, daily limit, notification update to the user’s registered email and cool-down time set up if there is any security update on the user’s side. (same as changing password)
- This is not final yet. Convenience x Security are still ones of the big issues we are thinking about. And we’d love to get idea and feedback from the community as well!
3. What’s more to come in Q4/2018?
There will be a lot more to come this year. We expect to be one of the best crypto wallets that support multi-cryptocurrencies and tokens. By the end of 2018, major cryptos will be accepted in SIX Wallet as well. Here are some of the lists we are planning to work:
- More cryptos;
- Wallet SDK/API for business integration;
- DEX (and may be integration to exchange partner to let user exchange cryptos to their prefer assets.);
- KYC supported (Yes, if there is exchange integration. Wallet KYC is in our plan);
- Pay with SIX (let businesses accept SIX);
- Account Linking;
- Authentication to 3rd party services (Like digital identity, Thailand NDID, and so on); and
- Chat/Chatbot.
This may be subjected to change in the future. But we are committed to ship fast and deliver the best to the community.
4. Bigger picture about SIX Network & Technical Roadmap?
As we mentioned earlier, SIX Network will use Stellar for transaction layer (thanks to their fast and secured architecture). For the smart contract and other things that are more complex, Hyperledger Fabric is now the framework we are working on. Both are open-sourced and production-ready and are implemented by various businesses at the moment.
Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. Intended as a foundation for developing applications or solutions with a modular architecture, Hyperledger Fabric allows components, such as consensus and membership services, to be plug-and-play. Hyperledger Fabric leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.
Architecture 2018
Our goal this year is to get a PoC with the business alliances that have generously founded SIX Network. We architect it into 3 main parts
- SIX Wallet : a single point of entry for all your digital assets
- Core Services : Provide API for SIX Digital Asset Wallet and business integration. This shall be the infrastructure of the digital services in the future. Within this year we will start with the financial services layer first including the payment API for businesses.
- Business Integration & Tokenization : Our go-to-market strategy is to integrate with as many related digital businesses as we could by providing SIX Network infrastructure for them.
In order not to make this post too long, there will be more technical update coming up soon. We’d love to hear from all developers who want to help us reviews, join the team, or use SIX Network onto your website and/ or applications. Please join the developer focus Facebook group if you are interested in helping us contribute to the community.
Till the next update,
Charkrid Th. / Co-founder, Chief Blockchain Officer
The Partnership Update
Here are some of the news you may want to here!
Working closely with 500Startups (Moo Natavudh our co-CEO is the 500 Tuk Tuk partner) SIX Network will start to use some of the fund we raised, and some of the SIX tokens to invest in promising startups to make the adoption process goes faster. This is our first batch of partnership and investment.
Partnership with ADMAX
ADMAX is an influencer marketing platform under FutureStreamNetwork, considered as the top rank technological company listed in South-Korea stock market.
ADMAX help brands promotes the products and services using the specific target Influencer Marketing strategy such as the immediate content posts from macro and micro influencers on the social media. This leads to massive awareness and eventually upsale as well as advocacy. Once influencer reviews their experiences on the product and services via their online channel, he or she will get paid by the brand. This is what ADMAX comes to provide the solution.
This collaboration will raise the technological development of both parties. It can start with the use of SIX Token as an alternative when getting paid by the brand. Expectedly, in the near future, all SIX services (Short-term lending, W2W commerce, etc.) will be applied to massive influencers in ADMAX to create liquidity of SIX Token.
Investment in ChomCHOB
ChomCHOB is a mobile application that provides services to combine the virtual point in credit card equipped with system connection with many big financial companies in Thailand. For example, Kasikorn Bank, Siam Commercial Bank, Krungsri or mobile operator such as True and Dtac Point system of major companies like McDonald’s, Starbucks, Samsung, Booking.com, Garmin and many other services. At present, ChomCHOB has over 200,000 users and has a transaction in ChomCHOB point (CCP) exchange in over 100 million transactions.
SIX network invested in ChomCHOB with 500 Startups which managed by Natavudh (Moo), Co-CEO of SIX network.
Our investment is to nurture the blockchain technology for point-to-point exchanges. Once developed, SIX’s tokenization system will be able to connect with more than 10,000 merchants, creating a substantial SIX token value from over 100 million ChomCHOB point (CCP) transactions.
Announcing SIX Blockchain Startup Fund
Today, SIX Network set up SIX’s Blockchain Startup Fund, which has been featured in our Whitepaper to promote growth. We have Natavudh (Moo), our Co-CEO, who specializes in co-managing 500 Tuktuks which is focusing in Thailand and Southeast Asia investments and has been investing in over 50 companies in the past 3 years. Portfolio companies include Omise, Pomelo, ChomChob, Finnomena, Fastwork, And many more. Moo will bring his expertise for SIX’s crypto fund and has already started working on few deals with many more coming soon!
The investment in our partners will be divided into two tracks:
- Seed track, which is early-stage, focus in the creative industry startup and who interested to connect an infrastructure with SIX Network.
- Growth Track, which is focusing on growing Startup both investment models that will support, fiat currency (USD, EUR, etc.) and SIX tokens for accelerating platform adoption and token liquidity on our ecosystem.
Furthermore, SIX Network will serve as a core infrastructure so that each startup can grow and scaling up their business by using our system to tokenization which will be more efficiency in the development phase both time and costs as well as expanding our SIX Network ecosystem at the same time.
The Team — Bigger Family
Today we would like to thank you the team and partners who help SIX Network comes this far. Also, we’d like to welcome our new team members. This includes many developers, marketing, legals, business developments, and all other staffs. We have experienced team members from IBM, Symphony EYC, Thomson Reuters, Kasikorn Bank, Computerlogy, Ookbee, Recobell, Futhersteam and many more, joining our core team at the moment. With everyone’s potential, we believe that we could reinvent the digital economy faster together.
The community
SIX Network aims to embrace the creator community from Thai, Korea, SEA, and all over the world. To show the commitment, by the end of this year, we are planning to open one physical Creator Space to support all creators to get adopted using the blockchain technology faster. Our goal is to support them, get feedback from them, and engage through activities, events, and workshops to foster an idea sharing and building the creator community together.
Thanks again for all the love and support. Please stay tuned with SIX Network for more news, events, and activities.
SIX Marketing&Media Outlet Team,
June 2018
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